Your CPA Is Not Doing Your Financial Strategy | Wheel of Wisdom

Somebody tells me my CPA is handling my financial strategy, and I nearly always have to say: almost certainly not. Unless you have signed a CFO engagement with them, what you are buying is tax preparation once a year, and if April is the only time you talk to them, it is already too late to do anything strategic. Bookkeeping, CFO strategy, tax preparation and tax planning are four separate services, and paying for one does not get you the others. So ask for a meeting to walk through your return. You know your business well enough to say that does not look right, and lately I have read a lot of returns where somebody should have. That is one of four we spun the wheel on today, along with the client I turned down at my own dinner table, and no, you cannot write off your clothing haul.Book a Free Call with PennyConnect with us:FacebookInstagramLinkedIn1610 Financial SolutionsTakeaways:Turning away a paying client will not sink your business, and the ones who feel wrong on the first call usually are.A red flag at onboarding is real information: chronically late, unable to work the technology, or telling you outright about income they do not report.If you want it done right you delegate it, because eighty percent done by someone else beats a hundred percent that never gets done at all.Clothing is only deductible if you would not wear it anywhere else, so branded uniforms count and your haul does not.Bookkeeping, CFO strategy, tax preparation and tax planning are four separate services, and paying for one does not get you the others.Ask your tax preparer to walk you through your return, because you know your business well enough to catch what a rushed preparer missed.This show is for general information and encouragement. It is not tax, financial or legal advice. Please consult a professional about your particular situation before you make any decisions.